Rupee depreciates 13 Paise to 81.43 against USD
- ByStartupStory | January 13, 2023
The rupee fell 13 paise to 81.43 against the US dollar in early trade on January 13, 2023, weighed down by firm crude oil prices and a flat trend in domestic equities.
At the interbank foreign exchange, the domestic unit opened weak at 81.32 against the dollar before falling to 81.43, a 13-paise drop from its previous close.
The rupee gained 38 paise against the US dollar in the previous session on Thursday, closing at 81.30.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07 per cent to 102.31, as the annual rate of headline inflation in the US retreated in December.
Brent crude futures, the global oil benchmark, declined 0.36 per cent to USD 83.73 per barrel.
The 30-share BSE Sensex was trading 279.76 points, or 0.47 percent, lower at 59,678.27 in the domestic equity market. The NSE Nifty dropped 74.05 points, or 0.41 percent, to 17,784.15.
According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday, offloading shares worth Rs 1,662.63 crore.
Meanwhile, on the domestic macroeconomic front, India’s industrial production growth accelerated to a five-month high of 7.1% in November, owing to improved manufacturing performance, according to official data released on Thursday.
According to the data, retail inflation fell to a one-year low of 5.72 percent in December 2022, owing primarily to a drop in vegetable prices.
According to experts, if the Consumer Price Index (CPI) remains below 6 per cent for the second month in a row, the Reserve Bank has some room to hold interest rate hike which has been going on since May last year.
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